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USD 111.8 million, up by 120% and 250%, respectively, compared to Q2 2021.
· Increase of the FY 2022 revenue- and EBITDA guidance to the range of USD 570
-585 million and USD 470-490 million respectively.
· Quarterly recurring dividend of USD 0.15 per share declared for Q2 2022.
· Subject to successful handover of AS Serafina, an event driven dividend of
USD 0.04 per share will be paid alongside the recurring dividend.
· Projected EBITDA backlog now approximately USD 1.4 billion.
Oslo, 18 August 2022
Q2 and six-month 2022 results:
MPC Container Ships ASA (“MPCC” or the “Company”, together with its subsidiaries
the “Group”) today published its unaudited financial report for the six-month
period ended 30 June 2022.
· Total revenues of USD 151.7 million in Q2 2022 (Q2 2021: USD 68.8 million).
· EBITDA of USD 111.8 million in Q2 2022 (Q2 2021: USD 31.9 million).
· Net profit of USD 90.1 million in Q2 2022 (Q2 2021: USD 12.0 million).
· Earnings per share of USD 0.20 in Q2 2022 (Q2 2021: USD 0.03).
· Utilization of 98.2% in Q2 2022 (Q2 2021: 96.9%).
· Average time charter equivalent (“TCE”) of USD 28,071 per day in Q2 2022 (Q2
2021: USD 13,437 per day).
· Cash and cash equivalents of USD 86.5 million as at 30 June 2022.
· Equity ratio of 73.0% and leverage ratio of 20.8%.
· Quarterly recurring dividend of USD 0.15 for Q2 and an event driven dividend
of USD 0.04 (subject to successful handover) to be paid in September 2022.
· Total dividends declared YTD 2022 of USD 355m (NOK ~3.5bn).
As at 30 June 2022, the Group owns and operates 65 container vessels, whereof 60
are fully owned and 5 are operated in a joint venture. Furthermore, the Group
has 2 newbuilds on order expected for delivery in Q1 2024. Additionally, the
Group ordered 2 newbuilds early July for delivery in Q3 and Q4 2024.
CEO Constantin Baack comments in relation to the announcement: "For MPCC, the
first 6 months of 2022 have proven the value proposition of this company.
Despite the increased geopolitical and macro-economic uncertainties, we announce
another increase in recurring dividend for the second quarter of 2022. Year to
date MPCC has declared dividends of USD 355 million, including proceeds related
to the pending handover of AS Serafina, emphasizing our commitment to return
capital to our shareholders. Furthermore, we today also announce an increased
revenue- and EBITDA guidance for FY 2022.
Our segment of the container market is robust at elevated levels, although
periods and rates have decreased slightly over the quarter. Nevertheless, rates
are still a multiple of pre-pandemic levels. As available tonnage is extremely
limited, we expect time charter rates to remain solid for the forthcoming
quarters.
Moreover, we are pleased to continue our approach of accretive portfolio
optimization, as shown by the vessel sales year to date as well as fleet renewal
activities, most recently ordering two carbon-neutral newbuildings with long
-term time charters attached. The vessels will be delivered by Q4 2024 and will
provide earnings visibility into 2040. The newbuildings will support MPCC’s
distribution policy, with no negative impact on expected distributions in
2022/2023/2024.
Based on our strong earnings prospects and EBITDA backlog, MPCC has the
potential to pay out significant dividends and at the same time operate with an
industry-low financial leverage, providing the financial flexibility to
selectively capture attractive growth opportunities as they arise."
The above information is subject to the disclosure requirements pursuant to
section 5-12 of the Norwegian Securities Trading Act.
Q2 and six-month 2022 earnings call and webcast:
The Company will host a webcast for the presentation of the Q2 2022 results
commencing on Thursday 18 August 2022 at 15:00 hours CET / 09:00 hours EDT. The
presentation will be made available on the Company’s webpage (https://www.mpc
-container.com/en/financial-reports/) prior to the earnings call. There will be
a Q&A session after the presentation.
The event is being streamed. It is recommended that you listen via your computer
speakers. Please note that for optimal viewing, it is recommended not to use
VPN, but instead to connect directly to the internet. Please disable pop-up
blockers in order to view the content in its entirety.
The live webcast can be accessed through the following link:
https://edge.media-server.com/mmc/p/87hcdkp7
Alternatively, participants may participate in the earnings call by using the
following link:
Conference Registration
Following the earnings call, a post-call recording of the webcast will be made
available on the Company’s webpage (https://www.mpc-container.com/en/financial
-reports/).
Further information and contact:
For further information, please contact ir@mpc-container.com.
About MPC Container Ships ASA:
MPC Container Ships ASA (ticker code “MPCC”) is a leading container tonnage
provider with a focus on small to mid-size containerships. Its main activity is
to own and operate a portfolio of container ships serving intra-regional trade
lanes on fixed-rate charters. The Company is registered and has its business
office in Oslo, Norway. For more information, please see our website: www.mpc
-container.com.
Forward-looking statements:
This announcement includes forward-looking statements. Such statements are
generally not historical in nature, and specifically include statements about
the Company’s plans, strategies, business prospects, changes and trends in its
business, the markets in which it operates and its restructuring efforts. These
statements are made based upon management’s current plans, expectations,
assumptions and beliefs concerning future events impacting the Company and
therefore involve a number of risks, uncertainties and assumptions that could
cause actual results to differ materially from those expressed or implied in the
forward-looking statements, which speak only as of the date of this news
release. Consequently, no forward-looking statement can be guaranteed. When
considering these forward-looking statements, you should keep in mind the risks
described from time to time in the Company’s regulatory filings and periodical
reporting. The Company undertakes no obligation to update any forward-looking
statements to reflect events or circumstances after the date on which such
statement is made or to reflect the occurrence of unanticipated events. New
factors emerge from time to time, and it is not possible for the Company to
predict all of these factors. Further, the Company cannot assess the impact of
each such factor on its business or the extent to which any factor, or
combination of factors, may cause actual results to be materially different from
those contained in any forward-looking statement.
Kilde
